John Kilduff, founding partner of Again Capital, told "Power Lunch" the OPEC forecast is plausible on the basic supply-demand dynamic.

However, he agrees with Croft that the Middle East is "an unstable region" and said $100 oil is "totally imaginable."

"We sit there on the one hand and see all this potential overproduction or significant rises in production," Kilduff said. "But then … the upset in the region is just so incredibly easy to occur."

He pointed out that nothing is forever in the oil market.

"These things come in cycles. This is a boom-bust industry," said Kilduff. "Right now what you are seeing happen is what the Saudis said they were going to do. They were going to squeeze out the margin producers, the more expensive producers and it's working."

—CNBC's Katy Barnato and Jackie O'Sullivan contributed to this report.